Many people look to make changes once they retire. Whether it’s moving to another area (or country) entirely or downsizing to a more manageable property. There are a lot of things to consider. Depending on your finances, health and goals, there are a number of things you have to take into account.
Research the area
If you’re moving to a new area, what are the local services and attractions like? You’ll want somewhere that has good access to shops, health centres and similar. If you are used to driving everywhere, what would the area be like if you suddenly didn’t have access to a car, or were unable to drive?
Be prepared to jump on an opportunity
If you have your eye on a particular area or specialist retirement property in a popular spot, you might have to join a waiting list. If the perfect property hits the market but you’re still to sell your existing one, bridging loans might help in the short term so that you don’t lose out. It could be years before the right one pops up.
Is the property suitable for now and the future?
Chances are, if you’re looking at a specialist retirement property or bungalow, then it will already be adapted for those that are less mobile and will have a number of accessibility and safety features. If the property you have chosen is just a smaller home, then assess it for any potential changes that may need to be made in the futures. Can the doorways be made accessible for wheelchairs, are their toilet and bathroom facilities on the ground floor? If there aren’t is their scope to do this within the property. Factor this cost into your calculations when you’re planning what to do with your retirement savings.
Consider a retirement village
You may not have realised that these were a thing in the UK. Often seen on US shows, retirement communities are starting to become more popular here too. The retirement property is set within a specialist village complex which has a host of recreational and care facilities on site. It’s a total lifestyle form of retirement living. They have restaurants, salons, swimming pools and even cinemas. The idea is that you can still live independently, taking advantage of all the facilities and social interaction that you would like, and then, if your care needs progress, encompass these too. Expect to see more of these villages popping up around the country.
Try before you buy
If you have your heart set on moving to another area, its’ important to spend as much time as possible there before you commit, especially if it is somewhere you have lived before. Try renting for a few weeks or months to really get a feel for the area and the community. If it a popular tourist destination, visit during peak times and decide if you can cope with this kind of activity on an annual basis. It may save you a lot of money if you have to relocate again.